Nafex.com, An online solution to your forex woes

We have an app or a site to ease all our travel
woes but yet foreign exchange is something we struggle with. Nafex.com is one
innovative solution that is a virtual market place that connects the buyer and
seller and eases our currency woes. Just hop on to the site, enter your
requirement (The amount you wish to buy or sell) and get quotes for the same.
Choose who is offering to buy or sell you currency at best rate and you are done.
The site also offers you the option of home delivery or pick-up option! Nausheen
Tareen explores the site, its features and the future plans with Jeethmal
Mutha, co-founder, Nafex.com

The Indian travel industry has not seen any
innovation on forex. Even the big travel ecommerce companies who have failed
the travellers on advice on forex. We have been working in this space for the
past decade. Whilst every other industry has moved to a technology platform,
forex industry is still reeling under the burden of conventional practices.
This accentuates the risk of monopolistic rates, frauds and counterfeit
currency. Nafex.com brings together only licensed money changers to the
platform for a safe and transparent forex transactions.

Nafex.com has collaborated with more than nine
hundred RBI approved money changers and authorised dealers, who bid real-time
for any individual currency, prepaid forex card or remittance requirements put
up on the platform. This is a significant shift from the traditional model of
rates dictated by banks, travel agencies, and grey market operators. The
reverse bidding for currency exchange, forex cards and outward remittances is uniquely
available only on the Nafex.com India platform.

What’s on offer

Nafex.com has tied up pan India money changers like
Weizmann, Poundwize, UAE Exchange, Spice Money, Centrum along with several
hundreds of regional money of changers are participating in the reverse
auction. Leisure travel, education, medical treatment are key areas of focus
for Nafex India. Nafex India platform
includes currencies from US, Canada, UK, Australia, Europe, UAE, Saudi,
Singapore, China, Sri Lanka, Malaysia and Thailand. Forex is delivered at
the consumer location."A service like Nafex underlines smart travel
lifestyle. We have found the service particularly useful for solo female
travellers who want to safeguard against any physical and financial risk
dealing with high street money changers in foreign destinations," Jeethmal Mutha.

"You
don’t pay a monopolistic forex rate as many money changers openly bid for your
requirement. You don’t end up paying hefty transaction fees on the so called
international debit or credit cards that are marketed aggressively by banks.
You plan for your expenses during your travel and remit through Nafex.com for a
stress free holiday," Jeethmal Mutha

The journey so far

We have over 1,50,000 users of Nafex.com. In less
than two years since our launch, currency exchange transactions on Nafex.com
have touched US$ 40M. This figure will be higher by another 30% if we include
prepaid forex cards and remittances initiated through the site.

Word is getting around that Nafex.com saves you
money when you travel abroad. This is encouraging footfalls to our site. People
are now shifting away from common currencies like the US$ to changing local
currencies without any hesitation or risk, and further saving their money from
the double changeover.

You don’t pay a
monopolistic forex rate as many money changers openly bid for your requirement.
You don’t end up paying hefty transaction fees on the so called international
debit or credit cards that are marketed aggressively by banks. You plan for
your expenses during your travel and remit through Nafex.com for a stress free
holiday.

"We run a 24 x 7 customer support cell to assist
travellers even after they put up their requirements in the non-working hours
of money changing outlets," Jeethmal Mutha

Future plans

Nafex plans to add more features to the
platform such as B2B and to build end-to-end expertise for enterprise and
individual money changing solutions globally. Currently present in 100
cities, Nafex plans to rapidly launch its services in other Indian cities and start
global operations from starting from Malaysia and Singapore. We are reshaping
foreign travel through the Nafex platform.

Jeethmal Mutha is an avid traveler. For him, “Travel
is a source of experience enrichment and learning to co-exist with people
culturally different from your own background. I have travelled to over a dozen
countries over the last 3 years. I have connected to several people
around the world with shared life goals and vision. Travel has always opened a
world of possibilities for me including the launch of Nafex.com.”

He is an entrepreneur
with exposure and experience of over 15 industries like Fintech, Media, Online
Market place and Retail Sale. He is the co-founder of Nafex.com